Some factors contribute to when an executor is expected to sell a house which include state laws, the size of the estate, the amount of debt owed by the estate, the number of heirs, and the presence of tax issues among others.
There’s no set time for an executor to sell a house; however, the best time to do so is before the probate closes.
How Long Does an Executor Have to Sell a House?
The best time for an executor to sell a house is before the probate closes which can be anywhere between two months and a year depending on factors such as:
- The status of the estate (are people contesting the will?)
- The state probate laws where the deceased lived
- Whether or not the house is located in another state than the state in which the deceased lived (like if it was a second home or investment property)
When Can an Executor Sell the House?
An executor can sell a house as soon as they gain legal possession of the house. As an executor, you must protect the estate and all the assets in it until after probate. However, it’s not safe to wait too long before selling the house after the person dies. Because an empty home can be broken into or can be at risk of vandalism, deterioration, or weather damage.
There’s a common misconception that people have which is that an executor can sell a house when someone dies. As an executor, you must go through due process which is submitting the Will to the probate court and the court will issue a letter of authority before you can proceed with the sale of the house.
Once you’ve gotten the go-ahead from the court as an officially appointed executor, that’s the beginning of probate and you can start making preparations to sell your home.
The first thing to do as an executor is to get in touch with the homeowner’s insurance company. While you’re at it, make sure you speed up the process because some insurance policies won’t work for a house that is empty for too long- except your iMovie vacant house coverage to the policy.
You must be familiar with all the beneficiaries of the house. For instance, assuming you’re selling a house in probate and the Will gives the property to three beneficiaries, you must get all the beneficiaries to agree on selling the house before you list the house for sale. Or you could follow the state’s intestate laws to choose the right beneficiaries before you go on with the sale, only when there’s no Will.
Does an Executor Have to Sell the House?
An executor doesn’t have all got right to sell the house as you still have to get approval from the beneficiaries before you proceed with the sale. As an executor, you have to abide by state laws and follow probate procedures before selling a house.
Conclusion
The job of an executor isn’t an easy one as you have to follow the probate laws to the letter and be ready to face legal consequences if anything goes wrong.
Besides working with the best probate and estate attorney, it’s best to work with a cash house buyer so the house doesn’t have to stay too long on the market. A cash house buyer will buy the house quickly when the time comes and close the sale of the house in record time.
At Preferred House Buyers, we are cash home buyers Woodlands and we buy houses at the best prices. We close the sale of your house fast and help you move on to other things. We’re your best option if you’re looking for the best cash house buyer in Conroe.
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